Empower Grows Earnings 23% to Record High

Base earnings of $314m for first quarter 2026

More than 20 million now invest with Empower

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Empower announced today strong momentum across its business in the first quarter of 2026, highlighted by the company surpassing 20 million investors served.

The retirement services and wealth management provider saw continued growth in sales and net flows during the quarter.

Empower announced it has achieved base earnings of $314 million for the first quarter of 2026, up 23% from the same period in 2025.

Empower released results as part of a broader quarterly announcement by its parent company, Great-West Lifeco (TSX: GWO). For more information, please see the company’s quarterly results on its website.

“Reaching the milestone of 20 million investors is a powerful reflection of the trust individuals and employers place in us every day,” said Edmund F. Murphy III, president and CEO of Empower. “We are seeing meaningful momentum across our business—from plan sales to pooled employer plans to wealth management—and we remain focused on delivering the solutions, insights, and service our customers need to achieve financial confidence.

“This milestone is about more than scale—it’s about responsibility,” Murphy added. “Earning the trust of 20 million people means showing up every day with the right tools, the right advice, and a relentless focus on helping them build better financial futures. It underscores the role we play in people’s lives and the importance of continuing to innovate and invest on their behalf.”

Empower’s Workplace Solutions business generated $26 billion in gross plan sales, supported by strong demand across plan types, including continued adoption of pooled employer plans. The company added more than 335,000 new participants in the first quarter, reflecting strong employer interest in scalable retirement solutions. The unit continued to see elevated request-for-proposal activity during the quarter, with demand spanning corporate, government, Taft-Hartley, and not-for-profit plans. Funded sales were driven by both new client wins and plan conversions, reinforcing the company’s competitive position across market segments.

In addition, Empower Personal Wealth™, the firm’s wealth management unit, realized a 65% year-over-year increase in earnings, driven by strong net flows and demand for financial advice. The unit continued its trajectory of strong growth fueled by a combination of organic client acquisition, deeper engagement with existing customers, and expanded advice offerings.

The company continues to expand its presence as one of the largest retirement services providers in the United States, with total assets under administration of approximately $2 trillion as of March 31, 2026².

The integration of workplace and wealth capabilities remains central to Empower’s strategy, enabling individuals to manage their full financial lives—from retirement savings to personal investing—within a single platform.

“Delivering for our customers will always remain our top priority, and that extends to periods of elevated market volatility like this quarter,” said Murphy. “As Empower deepens its relationships, we expect growth to emerge through several factors – greater customer engagement, more holistic advice, an expanded product and service solution set.”

About Empower

Recognized as a leader in retirement services and wealth management,¹ Empower administers over $2 trillion in assets² for more than 20 million individuals through the provision of workplace and individual retirement plans, advice, financial planning, and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

1. Pensions & Investments DC Recordkeeper Survey (2025). Ranking measured by total number of participants as of December 31, 2024.
2. As of March 31, 2026. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

©2026 Empower Retirement, LLC. All rights reserved. RO-5464569-0526

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